The cuts are expected to continue through Wednesday as part of a loger term Initiative on cost reduction and multiple product exits. Salaries at BK are typically low - 70,000 to 115,000 for senior sales and 60,000 to 100,000 for product management coupled with a low to moderate discretionary bonus range. To realize meaningful savings, the number of people cut had to be extreme. The products targeted for exit are low profit margin. That will result in addition staff cuts over time along with reduced client expense and client revenue reduction. After surviving the financial crisis the executive management team hasn't suceeded in matching the success of their competition who had been on the brink of failure in 2008. This appears to be a last ditch almost knee jerk initiative to try to recoup the 20% stock value loss since Scharf joined the firm eighteen months ago.
Sad for those laid off in a process not designed to target under performers. Sad too for those who remain who are now required to do the work of those exited with no increase in compensation provided. It appears no recruiting was involved in this process. Most if not all exited will not be replaced.